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HPCsoYESTERDAY

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  11. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    from fwiw over at 24K

     

    http://www.zerohedge.com/article/here-come...on-fund-sell-it

     

    Perhaps the most stunning example of what may be in store for asset managers and pension funds (and possibly retail holders) who dare to challenge central bank monetary authority comes from the Netherlands, where we have just witnessed the 21st century equivalent of Executive Order 6102. The story in a nutshell (and as translated loosely from the primary source presented below): the glassworkers pension fund (SPVG) was ordered by De Nederlandsche Bank (DNB, or the equivalent of the Dutch central bank), that it has to sell the bulk of its gold assets. After the SPVG refused to comply with the order, the DNB went to court and the decision has come out, siding with the central bank, ordering the SPVG to sell the required gold within two months. The pension fund, which invests for 1142 employees, in late 2009 had gold bars worth 34.6 million euros, or about 1400 kilograms. The total fund assets amounted to 288 million euros at that time. The DNB argued gold is a commodity and holding 13 percent was overweight in comparison to the 2.7% average that pension funds are invested in commodities. DNB has found that such a large proportion of gold is inconsistent with the interests of the participants. SPVG sees gold as a medium of exchange, such as euros, but DNB believes that the price of gold fluctuates too much for it to be classified as an investment. Translation of the translation: the central bank has now directly ordered a fund how to allocate its gold assets, because it explicitly disagreed with the fund's statement that gold is money, claiming instead that it is nothing but a very volatile commodity. Very soon no pension funds in the Netherlands will be allowed to hold any amount of gold more than the merely nominal. This latest gold confiscation equivalent event is most certainly coming to a banana republic near you.

  12. SILVER

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Silver at 20 gbp per ounce qill be a milestone. The pound stirling was originally a pound of silver. In those days a penny was a silver coin 1/240 of an pound in weight. At twenty gbp per ounce a modern pound is worth an old penny.

     

    it would be fascinating to work out whether copper had kept its value compared to silver (in relation to the pound system) with regard to the milled coinage period leading up to 1920.

     

    afaics, the first milled copper halfpenny dates from 1672 (lets leave tin out for now!!)

  18. The Best of Youtube - Music

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

     

    nice....

     

     

    and from Jimmy Page, we go direct to the Stone Roses ;)

     

    Driving South Lyrics

    The Stone Roses

     

    Driving south 'round midnight, man, I must have been insane

    Driving south 'round midnight in a howling hurricane

    I stopped for an old man hitcher at a lonely old crossroad

    He said "I'm going nowhere

    I'm only here to see if I can steal your soul"

     

    "I'm not trying to make you, I don't want to touch your skin

    I know all there is to know about you and all your sins

    Well, you ain't too young or pretty, and yer sure as hell can't sing

    Any time you want to sell your soul

    I've got a toll-free number you can ring"

     

    Yeah, that's what I thought he said anyway

     

    "I'm not trying to make you, I don't want to touch your skin

    I know all there is to know about you and all your sins

    Well, you ain't too young or pretty, and yer sure as hell can't sing

    Any time you want to sell your soul

    I've got a toll-free number you can ring"

     

    0 800 treble six, oh yeah

    0 800 treble six, oh yeah

     

    I stopped for an old man hitcher at a lonely old crossroads

    He said "I'm going nowhere

    I'm only here to see if I can steal your soul"

    He got!

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